You have a serious problem here. I would assume that you did not leave the battery connected with the amp meter pegged.
I would start by removing the two wires on the generator and taping the ends so that they can't touch anything. Next, I would do the same to the "arm" and "fld" wires on the regulator. Now things should act normal except your ammeter will show a slight discharge, when the ignition is on.
After this, I would reattach the regulator wires and try again. Finally, I would sugest that you reattach the generator wires. Somewhere along this path, you are going to run into a surprise!
